Nifty and Bank Nifty Tips for Monday (31st July)

Market retreated from high due to subdued result from banking stock and consumer discretionary, while pharma continued to taste the bitterness in earnings owing to US FDA inspection and pricing pressure. Asian stock markets sagged on Friday after US tech shares retreated from recent rallies, though optimism about US corporate earnings and the global economy underpinned overall sentiment. This consolidation may continue in the near-term but investors may start accumulating due to surplus liquidity and likely change in RBI’s stance with a 25bps rate cut in the next week policy meet. Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap, up 0.5% and 0.4% respectively. Sensex settled the day at 32,309, down 73 points, while the Nifty50 ended at 10,014, down 6 points.

Nifty and Bank Nifty Tips for Monday (31st July)

Nifty Point Of ViewTREND: BEARISH TO CONSOLIDATERESISTANCE: 10020, 10070SUPPORT: 9940, 9890STRATEGY: SELL ON HIGH

Bank Nifty Point Of ViewTREND: BEARISH TO CONSOLIDATERESISTANCE: 24860, 25000SUPPORT: 24650, 24510STRATEGY: SELL ON HIGH